4 Cons of Buying Presale to Watch for
1- GST (5%) on all brand new homes
2- Valuation at the time of completion, if the market is down and the home values are down compared to the time you signed the contract to buy the presale, the risk and cons is that you need to cover the amount between the accepted contract price and what the financial institution or your lender's appraisal.
3- Finish Product. rendering and what you saw may be different that what you receive. It is good to review every amendment to the disclosure during the progress of project and also be aware of builder's reputation.
4- Time of completion. The completion date is an estimate and most of the times it gets amended to be delayed. It is important to have a plan and not count on the projected completion date.